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We, at JP Infra, believe that building a home is not just about investing in property. Here we not only offer you various reasons to invest in property in Mumbai or why Mira Road is the best location for property investment in Mumbai right now, but also a list of innovative ways and unique quirks to transforming your house into a vibrant, lovely home.

| December 21, 2023

Unlocking Transparency: A Comprehensive Guide to RERA Compliance

In the dynamic realm of real estate, the regulatory framework plays a pivotal role in ensuring transparency, accountability, and fairness. One such significant stride in this direction is the Real Estate (Regulation and Development) Act, commonly known as RERA. RERA stands as a beacon of change in the real estate sector, aligning the interests of developers and homebuyers while fostering a culture of accountability.

The Real Estate (Regulation and Development) Act, enacted in 2016, was a watershed moment for the Indian real estate sector. It was crafted to address the longstanding concerns of homebuyers and to bring about a paradigm shift in the way real estate transactions are conducted. RERA seeks to create a level playing field, instil discipline, and foster a culture of transparency within the real estate industry.

This comprehensive guide delves into the multifaceted aspects of RERA, unravelling its profound impact on the Indian real estate scenario.

  • Authorisation Requirement: RERA introduces a stringent authorization requirement, stipulating that developers cannot engage in real estate activities without registering with the regulator. Advertisements must bear a unique project-wise registration number, streamlining regulatory oversight.
  • Transparency Rules: Transparency lies at the core of RERA. Builders are now obligated to submit original project documents, curbing the possibility of unauthorized changes to plans. This transparency enhances accountability, fostering trust in real estate transactions.
  • Security Measures: RERA mandates a groundbreaking security measure, requiring a minimum of 70% of buyers’ and investors’ funds to be deposited in a dedicated account. This measure mitigates the risks associated with builders diverting funds between multiple projects simultaneously and ensures that the funds are exclusively allocated for construction and land-related costs, providing a shield against potential misappropriation.

Benefits of RERA:

  • Standardisation of Carpet Area: RERA brings consistency by introducing a standardized formula for calculating the carpet area. This not only prevents builders from inflating prices through ambiguous measurements but also provides homebuyers with a clear understanding of the space they are buying.
  • Equal Interest in Case of Default: Aiming for parity, RERA ensures that both buyers and promoters pay the same interest amount in the case of default. This aligns with the broader theme of fairness within the contractual relationship.
  • Right to Information: In a move towards empowering buyers, RERA grants the right to access comprehensive project information. Buyers have the right to access all project-related information, ensuring transparency.

Grievance Redressal

A structured grievance redressal mechanism ensures that any concerns or disputes can be addressed in a systematic and transparent manner. RERA’s efficient dispute resolution mechanism facilitates timely resolutions, fostering a fair and just environment for both buyers and developers.

Finding RERA Approved Projects in Maharashtra

For those navigating the real estate landscape in Maharashtra, the process of finding RERA-approved projects is simplified:

  • Visit the Official MahaRERA Website: https://maharera.mahaonline.gov.in/
  • Under the ‘Registration’ tab, select ‘Registered Projects.’
  • Within the ‘Search Project Details’ section, opt for ‘Registered Projects.’
  • Enter the Project Name into the search bar and click ‘Search.’
  • The search results will display the project along with its detailed information.
  • Clicking ‘View’ provides a more in-depth understanding of the project.

Real estate developers, in embracing and adapting to the RERA framework, not only fulfil their legal obligations but also position themselves as key contributors to an industry characterized by integrity, reliability, and sustainable growth.

As we navigate the intricate landscape of real estate, RERA emerges as a cornerstone, guiding the industry toward a future marked by fairness, transparency, and prosperity for all stakeholders.

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